A huge change is already underway in Australia’s banking sector. And, in January, consumers and businesses can finally experience some of its benefits first-hand, writes Steve Kemp, Head of Financial Institutions Partnerships APAC and Emerging Markets, Intuit. Since last year, regulators, Australia’s Big Four banks (NAB, Commonwealth, ANZ and Westpac) and a test working group… Read more »
“It’s the canary in the coal mine,” warns Patrick Coghlan, CEO of CreditorWatch as small business insolvencies rise 20 per cent over the last quarter, an increase of 8 per cent year on year. Coghlan suggests the rise in businesses being declared insolvent doesn’t bode well for the economy. Coghlan’s comments follow the release of… Read more »
Do you have a business plan? You should. They are vital to the success of any business. A great business plan will explain the aims and objectives of your business and help you roadmap your business growth. A business plan can help your business set strategies for years to come and is a useful tool when… Read more »
Despite increasing business confidence, the August 2019 Sensis Business Index has revealed Australia’s small business owners remain concerned by a lack of access to finance.
Research by PayPal Australia has uncovered the nation’s small business owners are moving away from traditional lenders to embrace fintech solutions for their finance.
As the end of financial year approaches, many small business owners are considering taking advantage of the government’s $30k instant asset write-off. For many SMBs this requires access to finance. However, the Reserve Bank of Australia recently reported one in five small businesses struggle to gain finance from a traditional lender, indicating it’s time business… Read more »
In the lead-up to Single Touch Payroll (STP) on 1 July, we’ve been busy working to help small businesses get prepared – raising business impact awareness around this new Australian Tax Office initiative. Given that STP requires businesses to use digital accounting and payroll software, a big part of this is about understanding how online… Read more »
While a chief financial officer (CFO) might seem like something only a big corporation can afford, more small business owners are turning to the advice of virtual CFOs to boost their profit and grow their businesses according to new research by CFO-On-Call. While the concept is still relatively foreign within the Australian business vernacular, engaging… Read more »
The government’s promised Australian Business Growth Fund needs to be expanded to include acquisitions and should carry bipartisan support writes Lui Pangiarella founder of Second Squared. In 2019, the Morrison government announced a plan for an Australian Business Growth Fund (ABGF) to provide equity for SMEs, which would follow the models of similar funds in… Read more »
Research by online lender Ondeck has found small business owners are increasingly struggling to secure finance from traditional lenders. In response, SMEs are turning to online lenders, family, friends and credit cards to supply the funds they need to grow their business. The study found one in four SMEs have had their loan applications rejected… Read more »
As the Royal Commission leads to an increase in lending standards and requirements for banks, many businesses will be forced to look outside the Big Four to raise the capital they need. The good news is that there are a lot of untapped capital options for SMEs to look at. The Royal Commission has meant… Read more »
Small business owners need to ‘eat their vegetables’ by ensuring their business is set up to make a profit first and foremost. While it might sound like common sense, in my experience too many small businesses are so focused on sales in their early years, they don’t know how much those sales are costing them.… Read more »